The service business is not only a high-margin source of revenue for companies in manufacturing industry but also enables them to differentiate themselves better from their competitors. If, however, they are to fully exploit this potential, they must integrate their service processes more tightly with other business processes.
In view of the cost pressure in product-related business operations, many companies are faced with the question of how they can expand their higher-margin service business. The connectivity of products via the Internet of Things (IoT) is giving rise to new service offerings such as remote maintenance, predictive maintenance, functional updates and more.
But how can you capitalize on these new revenue streams?
In this white paper you will learn:
- How services can give your products a competitive advantage
- About the knock-on benefits of service product
- How to target the correct data to turn information into product enhancements that can generate revenue